New alamein: President Abdel Fattah El Sisi emphasized the importance of continuing the development of Egypt's tax system, enhancing tax services, offering additional incentives, and building trust with investors. As part of these efforts, he directed the launch of a third package of tax relief measures.
According to State Information Service Egypt, President Sisi made these remarks during a meeting in New Alamein city with Prime Minister Mostafa Madbouly and Finance Minister Ahmed Kouchouk. Presidential Spokesman Ambassador Mohamed El-Shennawy reported that the meeting discussed strategies to manage global oil price fluctuations for the 2025/26 and 2026/27 financial years, along with updates on real estate tax relief measures.
During the meeting, Minister Kouchouk announced the introduction of a mobile application for real estate tax, aimed at simplifying tax processes. A similar application for the real estate transaction tax is expected soon. Additionally, President Sisi approved the proposal to issue tax sukuk, providing competitive returns to reduce financing needs and debt-servicing costs.
The minister shared that Egypt's real economic growth reached 5.2 percent in the first nine months of the 2025/26 fiscal year. He noted improvements in economic and financial indicators, such as a decline in external debt, expansion of the tax base through digitalization, and increased non-tax revenues. The performance of financial markets and the Egyptian stock exchange showed notable improvement, and there was a reduction in insurance costs against sovereign default.
Kouchouk highlighted that the second tax relief package had already been implemented following presidential approval, as part of efforts to boost growth, streamline procedures, and ease business burdens. The meeting also covered public-sector debt developments, with a reduction of about 13.2 percent in public-sector debt as a share of GDP over the past two years.
The government aims to further enhance debt indicators to create more fiscal space for supporting citizens and investors. Initiatives to support the industrial sector's transition to solar energy and the financing of solid waste recycling into alternative fuel were also discussed, aiming to lower implementation costs.
President Sisi instructed strict enforcement of laws governing land use for tourism along Egypt's coastline and the formation of a committee to inspect coastal areas, ensuring public beach access per regulations. He ordered a ban on construction within 200 meters of the shoreline without prior approval and called for a committee to inspect real estate projects to ensure timely delivery and contract adherence.
The president mandated accountability for violators and requested regular updates on the measures taken.